We're dedicated to providing app updates and market trends in the crypto and payment sectors. This edition discusses the latest network type for crypto and Bitcoin (BTC) transactions on Crane.
The problem: BTC network congestion and transaction delays
We noticed the BTC network experienced abnormal congestion because of the high demand for the BTC network services. The congestion caused transaction backlogs and delayed confirmation of BTC transactions, which you may have experienced on Crane.
Because of the congested network service and transaction arrears, deposits below 0.00125BTC will likely not be processed on the blockchain. That's because the authorization entities (miners) prioritise transactions involving high compensation fees. Typically, users pay compensation fees based on the amount of crypto they're transferring.
The fix: The BEP20 network for transactions below $50
We understand that some transactions may fall below the 0.00125BTC threshold. Therefore, we added an alternative BEP20 network type for users transacting 0.00125BTC (or $50) and below. The BEP20 network is a token associated with the Binance Smart Chain (BSC) and it provides fast and cost-effective transactions, especially for low-cost crypto transactions.
We understand the inconvenience this may cause you. However, using BEP20 for processing low-cost transactions is a temporary measure to protect you from paying exorbitant charges. As the BTC processing situation stabilises, we'll revert to our standard procedure and permit deposits below 0.00125BTC ($50) on the BTC network.
How to choose the BEP20 network on Crane
When initiating a withdrawal or deposit, you have more than one network type, including the BEP20, for transactions. For transactions above 0.00125BTC, you may choose the BTC network. In contrast, use the BEP20 network for transactions below 0.00125BTC for a smooth experience.
Our commitment to a smooth crypto experience
We understand the importance of a seamless transaction experience. Our team is monitoring the situation and exploring solutions to enhance your experience on Crane.
Your patience and understanding are greatly appreciated. Contact us at support@usecrane.co for more inquiries.
Thank you for being an integral part of the Crane community.